RE:Perdiem saved onsite through private company
by kaushi chinnappa on Apr 20, 2007 05:04 PM Permalink
Per Diem is not taxable - as it is earnings outside India- free advice from a CA
RE:Perdiem saved onsite through private company
by Sidharth Mukherjee on Apr 20, 2007 05:14 PM Permalink
it is taxable only if u declare that u saved money from the per diem income. on the other hand, if u declare that all the per diem was on actuals and all spent in the foreign country, then there is no tax. so when my tax consultants ai IBM asked me in 2004-05, i told them that i did not save a penny from the per diem income, hence my liability was zero.
RE:Perdiem saved onsite through private company
by peg pic on Apr 20, 2007 05:38 PM Permalink
Any Per diem allowance saved whether in India or abroad is tax-free. Only the Company has to pay FBT on it that is why so many companies including top IT companies have converted allowances per diem, into Salaries...
RE:RE:Perdiem saved onsite through private company
by keshavan iyyengar on Apr 20, 2007 10:20 PM Permalink
per dime allowance is taxable and ur mistaken
RE:Perdiem saved onsite through private company
by paddies on Apr 25, 2007 06:14 PM Permalink
per diem is declared is taxable, just say u sent it all. use a transfer to a relative be western union/ icici and that would amount to a gift.
Excellent feature and something very handy and practical for the common man
Just one query.
I'm 20 years old and want to make a PAN card. If I get the card say by this month or next(basically in this financial year) and I have a taxable income.... Would I have to pay taxes from this financial year or next?Or is it that this year the burden wil still fall on my parents but from the next financial year I'll have to pay my own taxes?
RE:Very helpful
by parminder oberoi on Apr 20, 2007 04:48 PM Permalink
U r major not minor. U'll have to pay tax urself if u have taxable income not by ur parents.Taxes are to be paid for the year in which u earn taxable income
RE:Higher education
by UMESH BANSAL on Apr 20, 2007 03:02 PM Permalink
Dedution of tution fees allowable only when u paid it for full time course not for correspondance hence u are not elligible for the deduction.
RE:Higher education
by on Apr 20, 2007 04:29 PM Permalink
u can stiil go ahead only u need to take care is for fees the words - TUTION FEES is being mentioned on papers.
1.If a parent gifts a house to his/her son who is a tax payer, will it be exempt from gift tax / 2.My mother's PPF has just matured. She wants to gift it ti her son who is a tax payer. Will this amount be added to the taxable income of her son?
RE:RE:Gift Tax
by N Venugopal on Apr 20, 2007 04:10 PM Permalink
Let your father Gift U a house this year ! and next year you gift that one to your father! Hi what a escape route!!
RE:RE:Gift Tax
by Pawan Sachdeva on Apr 20, 2007 03:13 PM Permalink
1.yes but whats the use. With this your tax incidence is likely to increase in coming years.
2.Not in this years income but the amount that he will earn through interest in coming years wud be added to his income.
RE:Gift Tax
by UMESH BANSAL on Apr 20, 2007 03:05 PM Permalink
1. If parents give house in a gift it is not subject to tax. 2. After maturity of PPF it is not taxable in the hands of ur mother and if she gift it to her son then it is not taxable whether his income subject to tax or not dont matter.
I AM EMPLOYED AND PAYING TAX OF RS 1.5 L PAID THIS YEAR. SIMULTANEOUSLY I HAD LOST IN STOCK MARKET RS 3.0 LAKH FROM SAVINGS THAT I HAD DONE IN THE PAST. CAN I CLAIM THIS FOR TAX EXCEMPTION UNDER ANY CONDITION.THIS IS LOSS IN DERIVATIVES TRADING. PLEASE SUGGEST
RE:INCOME TAX EXCEMPTION
by BhejaFry on Apr 20, 2007 03:04 PM Permalink
U lost money because of your stupidity ,why should government waive your tax ? who told you to do derivatives trading without having knowledge ?
RE:INCOME TAX EXCEMPTION
by Amit Arora on Apr 20, 2007 04:02 PM Permalink
If this is the short term loss then only you can setoff this loss against your Short Term profit for the next 6 or 8 years (not sure about the no. of the years. But this cant be set off agianst your normal income (salary, business income etc.)
RE:INCOME TAX EXCEMPTION
by Amitabh on Apr 21, 2007 12:11 PM Permalink
Let us be very clear.No business loss or capital loss can be set off against salary income.Only loss that can be set off against salary is that from house property,which may arise if the house is self occupied/vacant and deduction on account of interest is claimed.
RE:INCOME TAX EXCEMPTION
by on Apr 20, 2007 04:33 PM Permalink
Sorry u cant do dat against your salary income the only way u hav is get huge profits in current year and adjust that loss in current year or quit from derivative trading.
RE:INCOME TAX EXCEMPTION
by UMESH BANSAL on Apr 20, 2007 03:07 PM Permalink
u can easily claim this from out of taxable income and when u fill ur return u can set off this loss from ur taxable income.
RE:INCOME TAX EXCEMPTION
by Ram Sharma on Apr 20, 2007 02:48 PM Permalink
i think that u can claim reduced income by showing this loss. talk to your company accountant.
RE:INCOME TAX EXCEMPTION
by Pawan Sachdeva on Apr 20, 2007 03:17 PM Permalink
Sorry u cant claim this as the losses from speculation business cant be settled from Income under the head salaries
